Updated on 17 October 2014
Australian biotechnology company Virax to acquire AKTivate Therapeutics
Singapore: Australian biotechnology company Virax plans to acquire oncology company AKTivate Therapeutics and its novel TCN-P cancer drug pending shareholder approval, at $300,000 cash and 234 million shares at $0.01 per share.
AKTivate's technology inhibits the highly promising drug target AKT and includes two active clinical trials - a Phase 1b/2 in breast cancer and an active Phase 1b in ovarian cancer.
Fifteen patients have been recruited to date for the Phase 1b/2 breast cancer trial at the Montefiore Medical Center in New York, with an enrolment target of 36 patients.
A Phase 1b ovarian cancer trial has also commenced at the prestigious Moffitt Cancer Center in Florida. A further Phase 1 study on patients with Acute Myeloid Leukaemia will begin in 2015.
When completed in late November, the transaction will be Virax's second major oncology acquisition this year strengthening the company's product pipeline with two novel and exciting cancer compounds in mid-stage clinical development.